Japanese Yen Gains Ground At The Start Of The Week: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Failed To Settle Above 144.00

USD/JPY moved away from recent highs as traders took some profits off the table after the strong rebound from September lows. U.S. dollar gains ground against a broad basket of currencies at the start of the week, but USD/JPY bulls are not ready to increase their long positions and wait for additional catalysts.

From the technical point of view, USD/JPY is trying to move out of the downward channel. In case this attempt is successful, USD/JPY will head towards the resistance at 146.00 – 146.50.

EUR/USD Moves Lower Ahead Of PMI Reports

EUR/USD pulled back as traders waited for the release of PMI reports. Euro Area Manufacturing PMI is expected to decline from 45.8 in August to 45.6 in September, while Services PMI is projected to pull back from 52.9 to 52.4.

Currently, EUR/USD is trying to settle below the support at 1.1115 – 1.1130. In case this attempt is successful, EUR/USD will head towards the next support level, which is located in the 1.1000 – 1.1015 range. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in the near term.

AUD/USD Retreats As Services PMI Misses Expectations

AUD/USD pulled back from multi-month highs as traders reacted to PMI reports. Manufacturing PMI declined from 48.5 in August to 46.7 in September, compared to analyst consensus of 49. Services PMI decreased from 52.5 to 50.6, while analysts expected that it would increase to 52.6.

AUD/USD did not manage to settle above the strong resistance level at 0.6815 – 0.6825. If AUD/USD settles back below the 0.6800 level, it will head towards the nearest support at 0.6735 – 0.6750.

NZD/USD Stays Range-Bound

NZD/USD remains stuck in the 0.6235 – 0.6250 range as traders focus on New Zealand’s Balance of Trade report, which missed analyst expectations.

If NZD/USD fails to settle above the 0.6250 level, it will head towards the 50 MA at 0.6192. A move below the 50 MA will open the way to the test of the support at 0.6125 – 0.6140.

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